Group 1 - U.S. stock index futures are all down, with Nasdaq futures down 0.51%, S&P 500 futures down 0.49%, and Dow futures down 0.62% [1] - European stock indices show mixed results, with Germany's DAX down 1.02%, UK's FTSE 100 up 0.17%, France's CAC down 0.48%, and the Euro Stoxx 50 down 0.77% [1] - Wells Fargo indicates that tariff pressures will prevent U.S. stocks from reaching new highs this year, favoring large and mid-cap stocks [1] - Fitch has downgraded the global oil and gas industry's outlook to "deteriorating" due to lower-than-expected oil demand growth and rising supply [1] Group 2 - Oracle reported fourth-quarter revenue of $15.9 billion, with adjusted earnings per share of $1.70, both exceeding expectations [1] - BioNTech has agreed to acquire CureVac for approximately $1.25 billion to develop its oncology business [1] - Micron Technology announced it has delivered samples of 36GB HBM4 with 12 layers to several major customers [1]

AI 发展的关键，HBM 堆叠工艺的演变-从 TC- NCF、MR-MUF 到 Advanced MR-MUF20250512 摘要 • 国内 HBM 产业链面临国际供应链挑战，需自主研发关键设备和材料，以 追赶海力士等海外龙头企业。海力士已推出 36GB HBM 产品，并计划推 出 48GB 新产品，国内企业需加速从四层堆叠向八层、十二层迭代。 • 键合技术在半导体封装中应用广泛，包括引线键合、FC 倒装封装和热压键 合。先进封装技术推动 pitch size 缩小至 25-40 微米，增加了键合难度， 英特尔 Foveros 和台积电 CoWoS 等技术均在此范围内。 • 热压键合（TCB）是高密度封装的关键，通过加热粘合芯片与基板，适用 于 die to interposer 连接。Advanced MR-MUF 工艺通过大规模回流焊 提高生产效率，海力士在该领域具有优势。 • 韩美半导体通过与海力士合作研发 MR Max 设备，占据 HBM 用 TCB 设备 市场 60%-70%的份额。海力士正引入更多供应商如 APT、韩华，以分散 风险并促进竞争。 • Hybrid Bonding 技术在高层 HB ...